Barings agrees two new lettings at 8 Waterloo Place in London
Barings Real Estate has secured a further two lettings for the first and fifth floors of its recently refurbished Grade II Listed office building at 8 Waterloo Place in St James’s, London, which was acquired on behalf of an institutional investor.
Apollo Tyres (UK) Pvt Limited, part of the listed multinational organisation and global tyre manufacturer Apollo Tyres Limited, has agreed a 10 year lease for 5,242 sq ft across the first floor at a rent equivalent to GBP104.00 per sq ft. In addition, the global institutional trading firm, Tourmaline Europe LLP, has taken the fifth floor, which comprises 1,641 sq ft, on a five year lease at a rent equating to GBP115 per sq ft.
This activity follows the letting of 5,309 sq ft to Brewin Dolphin in January 2018 and an agreement in 2017 with Imperial Treasure St James’s to take the basement, ground and mezzanine floors of the building to bring its Asian fine-dining offer to London for the first time.
Since acquiring 8 Waterloo Place on behalf of clients in 2014, Barings has undertaken a major refurbishment programme to restore the historic features of the property and to create a high quality, modern office space. The property is rated BREEAM Excellent and was shortlisted for the BREEAM Awards 2017 in the Offices (Refurbishment and Fit-out) category.
Ian Mayhew, Managing Director at Barings Real Estate, says: “These two further lettings take the occupancy rate to over 70 per cent in a very short period of time. We have created a truly special building which is being reflected in the high levels of rent we are achieving. With strong interest in the last two floors we anticipate additional lettings very soon.”